From cashing checks to building assets: a case study of the check cashing/credit union hybrid service model
This case study examines the pilot effort of Community Trust Prospera (CT Prospera), a division of Self-Help Federal Credit Union, to combine the accessible services of a check-casher with the longer-term depository and lending relationship opportunities of a mainstream financial institution. CT Prospera is based upon the “micro branch” business model, which centers around a retail branch that has a small physical footprint, similar to a check cashing outlet, and is designed to create an inviting, safe, and accessible environment for clients who may not feel comfortable entering a traditional bank branch. The micro branch model aims to meet the immediate financial service needs of unbanked and underbanked individuals by providing the transparent and convenient transactional services they need, such as check cashing, money orders, and remittances. Unlike a traditional check cashing outlet, however, CT Prospera is a full-service credit union and is able to transition these customers into depository and credit accounts, thereby bringing them into the financial mainstream. ; This report summarizes information gathered from stakeholder interviews and data from CT Prospera’s first two years of operation. While the pilot is still underway and new findings are constantly emerging, this report is intended to capture lessons learned thus far and provide an informational resource for any organizations that are interested in learning from the model.
|Date of creation:||2013|
|Date of revision:|
|Contact details of provider:|| Postal: P.O. Box 7702, San Francisco, CA 94120-7702|
Phone: (415) 974-2000
Fax: (415) 974-3333
Web page: http://www.frbsf.org/
More information through EDIRC
|Order Information:|| Email: |
When requesting a correction, please mention this item's handle: RePEc:fip:fedfcw:2013-01. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Noah Pollaczek)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.